Research Summary
The report covers a range of topics in the blockchain and cryptocurrency space, including Polkadot’s financial performance, Blast’s Phase 2 reward allocation, etherfi’s airdrop, Pendle’s TVL drop, Friend Tech’s protocol fee elimination, ZetaChain’s membership growth, Symbiotic’s TVL milestone, Worldcoin’s executive appointments, dYdX’s mid-year report, Chainlink’s partnership with Fidelity and Sygnum, and Hamster Kombat’s plan to issue a token on the TON blockchain.
Key Takeaways
Polkadot’s Financial Performance
- Polkadot’s Deficit: Polkadot’s treasury spent $87 million in the first half of 2024, while its network revenue was only $250,000. The treasury’s total assets amount to $245 million, of which $188 million are liquid assets. The treasury holds $8 million in USDT and USDC stablecoins, with an additional 2.5 million DOT ($16 million) earmarked for ongoing stablecoin purchases.
- Criticism from Victor Ji: Victor Ji, co-founder of Manta Network, criticized the Polkadot ecosystem for its high expenditure and perceived lack of genuine value for Web3. He also pointed out disparities in funding allocation, with European and American projects receiving significantly more support than Asian projects.
Updates from Other Blockchain Projects
- Blast’s Phase 2 Reward Allocation: Blast has announced the allocation details for Phase 2 rewards, with a total of 10 billion BLAST tokens designated for this phase. The allocation will cater to both new and existing Dapps, with a focus on mobile Dapps within the Blast App.
- Etherfi’s Airdrop: Etherfi has postponed the second phase of its airdrop to July 7 and will distribute up to 150 ETHFI to all small investors. The team has partnered with Chaos Labs to detect Sybil attacks and other suspicious activities.
- Pendle’s TVL Drop: Pendle’s total value locked (TVL) has decreased by 40% over the past week, with users withdrawing nearly $3 billion, primarily from liquid restaked tokens.
- Friend Tech’s Protocol Fee Elimination: Friend Tech has eliminated all protocol fees for BunnySwap, Clubs, and v1 smart contracts. Now, 100% of the fees will belong to traders, liquidity providers, and club leaders within the community.
Partnerships and Appointments
- Chainlink’s Partnership with Fidelity and Sygnum: Chainlink has partnered with Fidelity International and crypto bank Sygnum to bring asset net asset value (NAV) data onto the blockchain. This partnership aims to provide transparency and accessibility for NAV data of tokenized assets.
- Worldcoin’s Executive Appointments: Worldcoin has appointed four new executives, including former executives from Google, X (formerly Twitter), and Apple, to enhance privacy, security, and identity management.
Other Notable Updates
- dYdX’s Mid-Year Report: The dYdX Foundation has released its 2024 semi-annual ecosystem report, highlighting a trading volume of $166 billion and $32 million paid to stakers and validators.
- Hamster Kombat’s Token Issuance Plan: Hamster Kombat plans to launch its token on the TON blockchain, according to Telegram’s CEO Patel Du Rove.
Actionable Insights
- Monitor Polkadot’s Financial Performance: Given the criticism from Victor Ji and the treasury’s deficit, it would be prudent to keep a close eye on Polkadot’s financial performance and strategic initiatives.
- Research the Potential of Blast and Etherfi: With Blast’s Phase 2 reward allocation and etherfi’s airdrop, these projects could present interesting opportunities for users and investors.
- Assess the Impact of Pendle’s TVL Drop and Friend Tech’s Protocol Fee Elimination: These developments could have significant implications for the respective projects and their users.
- Consider the Implications of Chainlink’s Partnership and Worldcoin’s Executive Appointments: These moves could enhance the capabilities and credibility of the respective projects, potentially attracting more users and investors.
- Keep an Eye on dYdX and Hamster Kombat: The strong performance highlighted in dYdX’s mid-year report and Hamster Kombat’s plan to issue a token on the TON blockchain could present interesting developments in the near future.
